BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

US Government is About to Dump 4000 Bitcoin

by Sham
June 26, 2024
in Crypto
A A
US Government is About to Dump 4000 Bitcoin
1
SHARES
Share on TwitterShare on Reddit
  • The US government sent 3,940 BTC (worth $240 million) to Coinbase’s Prime institutional platform on Wednesday.
  • The Bitcoin was originally seized from a narcotics trafficker named Banmeet Singh who forfeited it in a trial in January 2024.
  • The government sale adds to the wave of selling pressure on Bitcoin this month from miners and whales, as new demand for Bitcoin appears to be drying up.

The US government appears to be selling more Bitcoin, with a known federal wallet address sending another 3,940 BTC ($240 million) to Coinbase on Wednesday. The move adds to a growing wave of downward price pressure from miners and other whales.

ICYMI: 🇺🇸 Wallets linked to the US Government sent 3,940 #Bitcoin to Coinbase

— BlockNews.com (@blocknewsdotcom) June 26, 2024

Details of the Transfer

The transfer to Coinbase Prime, the exchange’s institutional platform, was immediately picked up by blockchain sleuths. Expert opinions were split regarding where the government obtained the transferred Bitcoin.

According to on-chain sleuth ZachXBT’s Telegram channel, the funds were part of the reclaimed Bitcoin from the Silk Road hack. After the infamous darknet marketplace shutdown in 2013, the Justice Department tracked down the hacker and seized 50,676 BTC, which the government has been selling off in batches ever since.

Aside from Silk Road, many of the government’s coins were reclaimed from 2016 Bitfinex hacker Razzlekhan in 2022. But Blockchain data platform Arkham Intelligence says the coins stolen today came from neither of those sources.

Origin of the Transferred Coins

Arkham tweeted that this Bitcoin was originally seized from narcotics trafficker Banmeet Singh and forfeited at trial in January 2024.

Banmeet Singh was a drug kingpin who pled guilty earlier this year to operating an international narcotics ring from his home for several years. As part of the plea agreement, Singh agreed to turn over $150 million worth of his crypto, now worth more thanks to Bitcoin’s price appreciation since that time.

Impact on Bitcoin Price

Much like the US government, Germany sold $170 million from its hefty $28 billion Bitcoin stash last week. Arkhams data shows that it moved tens of millions more to exchanges Kraken and Coinbase on Tuesday.

Government sales have added to a wave of sell pressure hitting Bitcoin this month from Bitcoin miners and whales, while on-chain analysis suggests that new demand for Bitcoin has been drying up. Bitcoin is trading for $60,775 as of writing, down 13% on the month.

Conclusion

The US government’s latest sale of seized Bitcoin to Coinbase adds further downward pressure on Bitcoin’s price, which has already been declining this month. The long-term impacts remain uncertain, but the short-term outlook is bearish given declining demand and increasing supply hitting the market from miners, whales, and governments.

Tags: BitcoinBlockchainCoinbaseCoinbase PrimeUS government
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

Shiba Inu Struggles As Whales Exit — Is A Comeback Even Possible?
Crypto

Shiba Inu Struggles As Whales Exit — Is A Comeback Even Possible?

May 28, 2025
tellar (XLM) Just Edged Out SHIB — But Is It a Fluke or the Start of a Shift?
Crypto

tellar (XLM) Just Edged Out SHIB — But Is It a Fluke or the Start of a Shift?

May 28, 2025
Avalanche and Filecoin Join Forces for Cross-Chain Data Bridge
Crypto

Avalanche and Filecoin Join Forces for Cross-Chain Data Bridge

May 28, 2025
Smart Money Moves: Watching SUI’s $2.50-$3.10 Demand Zone for a Major Rally
Crypto

Smart Money Moves: Watching SUI’s $2.50-$3.10 Demand Zone for a Major Rally

May 28, 2025
Tron (TRX) Eyes 4x Surge: Analyst Predicts Major Breakout Fueled by Bitcoin’s Ascent to $150K
Bitcoin

Tron (TRX) Eyes 4x Surge: Analyst Predicts Major Breakout Fueled by Bitcoin’s Ascent to $150K

May 28, 2025
Cardano Transaction Boom: ETF Buzz Pushes ADA Toward Possible Breakout
Cardano

Cardano Transaction Boom: ETF Buzz Pushes ADA Toward Possible Breakout

May 28, 2025
Load More

Related News

Shiba Inu Struggles As Whales Exit — Is A Comeback Even Possible?

Shiba Inu Struggles As Whales Exit — Is A Comeback Even Possible?

May 28, 2025
tellar (XLM) Just Edged Out SHIB — But Is It a Fluke or the Start of a Shift?

tellar (XLM) Just Edged Out SHIB — But Is It a Fluke or the Start of a Shift?

May 28, 2025
Avalanche and Filecoin Join Forces for Cross-Chain Data Bridge

Avalanche and Filecoin Join Forces for Cross-Chain Data Bridge

May 28, 2025
Smart Money Moves: Watching SUI’s $2.50-$3.10 Demand Zone for a Major Rally

Smart Money Moves: Watching SUI’s $2.50-$3.10 Demand Zone for a Major Rally

May 28, 2025
Tron (TRX) Eyes 4x Surge: Analyst Predicts Major Breakout Fueled by Bitcoin’s Ascent to $150K

Tron (TRX) Eyes 4x Surge: Analyst Predicts Major Breakout Fueled by Bitcoin’s Ascent to $150K

May 28, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.